Michigan Compiled Laws
Article 4 - (449.1401...449.1405)
Section 449.1404 - General Partner; Right to Contribute to Partnership and Share in Profits and Losses as General or Limited Partner; Rights, Powers, Restrictions, and Liabilities of One Person as Both General and Limited Partner.

Sec. 404.
A general partner of a limited partnership may make contributions to the partnership and share in the profits and losses of, and in distributions from, the limited partnership as a general partner. A general partner also may make contributions to and share in profits, losses, and distributions as a limited partner. A person who is both a general partner and a limited partner has the rights and powers, and is subject to the restrictions and liabilities, of a general partner and, except as provided in the partnership agreement, also has the powers, and is subject to the restrictions, of a limited partner to the extent of his or her participation in the partnership as a limited partner.
History: 1982, Act 213, Eff. Jan. 1, 1983

Structure Michigan Compiled Laws